Tagash is open to partnering with banks, other Money Issuers and FIntech Companies, using the Tagcash Blockchain for settlements. No API is needed.
Any assets on the Tagcash Blockchain are transferred using addresses, similar to the way that Bitcoin or any other cryptocurrency is transferred. However, addresses that would like to send and receive Fiat currencies would need to be permissioned before any transactions, so that they can be tracked through the chain by the administrator of the currency. For example, for PHP currency, created and controlled by Tagcash, individuals and merchants are KYC verified, and each address issued is checked against a user or merchant to make sure they have been verified and then the address is given permissions to send and receive. In this way a merchant can have multiple addresses with which to receive.
If you are an E-Money Issuer, or can garantee payout of funds issued on the Tagcash Blockchain, we can create any Fiat asset for you and hand over control of the asset permissioning for you to manage. Permissions would include re-issuance of any amount of Fiat, activation to give others permission to give send and receive permissions for addresses, and send and receive permissions. Any address permission can also be revoked so it cannot send or receive.
Once a currency has been created, it can be exchanged against other assets or Fiat currencies on the Tagcash Blockchain, with no transaction fees. Transactions can be totally decentralized, and atomic, meaning that an exchange will not complete untill both sides have what they were promised in the transaction.
The owners of each Fiat currency would agree on a rate of exchange and credit each others wallet address for the respective currencies, either by agreement or by Atomic transaction. Each side now holds currency that can be used to send on the chain. So for example, a EUR wallet run by a European company can send Pesos to a user in Philippines, and the Philippines user would see their balance increase within seconds. The European company can set the exchange rate for the user to agree before sending. Conversely, in the same way, a user in Philippines could transfer to the user in Europe, converting Euros on the fly from his Peso Wallet.
For settlements in the same currency (such as PHP), each entity would run a node wallet by installing Multichain and connecting to the Tagcash Blockchain. That node would create and operate its own addresses, with each address being permissioned by the admin of the currency.
An example where this would be useful would be when users of 2 wallet providers (A and B) wish to enable transfers of currency between each other, and each maintains its own user balances in their own database. In Wallet A, the user sends to an address for a user on Wallet B. On sending, the database balance is debited for that user and the amount sent via the Tagcash chain from Wallet A tagcash Node to Wallet B Tagcash Node. Using wallet-notify on Wallet B Node, incoming amounts are detected, and the address that matches the user is credited. The Tagcash Node Wallet now holds Pesos that can be sent on to other nodes in the same manner. At any point the Pesos on chain can be sent to Tagcash to be cashed out to Bank, or exchanged for other currencies on the chain. This is all transaction free, with confirmations set at max of 60 seconds, although the transaction happens instantly.
Tagcash uses Multichain.com, an open source blockchain software product, as the underlying technology for the Tagcash blockchain, but Stellar will soon be integrated as well, enabling "anchors" from other countries to connect to the Tagcash Wallet. This will allow multiple currencies to be used within Tagcash, with cash in, cash out and KYC for each currency handled by regulated anchors in their respective countries. Transferring EUR to PHP will happen in seconds with no fees, once the exchange rate is accepted. An EMI wallet in another country can become an anchor for their currencies, or Tagcash can handle the technical side for them.
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